Kinetik Holdings Inc. (NYSE:KNTK) Short Interest Update

Key Points

• Short interest fell 22.5% to 5,839,486 shares as of March 31, equal to 3.7% of shares outstanding and a days-to-cover ratio of 5.9.
• Quarterly results beat expectations: Kinetik reported EPS of $2.16 vs. a $0.15 consensus and revenue of $430.42M (up 11.5% year-over-year) with a 29.23% net margin.
• Insiders sold a total of 4,007,748 shares (~$179.8M) in the past 90 days, yet analysts maintain a "Moderate Buy" consensus with an average target price of $47.42.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 5,839,486 shares, a drop of 22.5% from the March 15th total of 7,531,717 shares. Based on an average trading volume of 990,156 shares, the days-to-cover ratio is presently 5.9 days. Currently, 3.7% of the shares of the stock are short sold.

Kinetik Trading Down 0.4%

Kinetik stock opened at $47.04 on Wednesday. The stock has a 50-day moving average price of $45.18 and a 200 day moving average price of $39.77. Kinetik has a 52 week low of $31.33 and a 52 week high of $49.55. The stock has a market cap of $7.63 billion, a PE ratio of 18.30, a P/E/G ratio of 1.60 and a beta of 0.66.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm had revenue of $430.42 million for the quarter. During the same period in the previous year, the business posted $0.01 earnings per share. The firm's quarterly revenue was up 11.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on KNTK shares. Scotiabank raised their price target on Kinetik from $49.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Tuesday, March 17th. Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 26th. Weiss Ratings restated a "hold (c)" rating on shares of Kinetik in a research report on Thursday, January 22nd. Truist Financial started coverage on Kinetik in a research report on Tuesday, March 24th. They issued a "buy" rating and a $53.00 price target for the company. Finally, UBS Group dropped their price target on Kinetik from $49.00 to $48.00 and set a "neutral" rating for the company in a research report on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $47.42.

Insiders Place Their Bets

In other Kinetik news, insider Matthew Wall sold 3,222 shares of the firm's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the sale, the insider owned 585,556 shares of the company's stock, valued at approximately $27,474,287.52. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Stellato sold 2,907 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $136,396.44. Following the completion of the sale, the insider directly owned 393,382 shares of the company's stock, valued at approximately $18,457,483.44. This trade represents a 0.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,007,748 shares of company stock worth $179,763,536 in the last ninety days. 3.83% of the stock is owned by insiders.

Institutional Trading of Kinetik

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its stake in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company's stock worth $27,000 after buying an additional 352 shares during the last quarter. Signaturefd LLC boosted its stake in Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company's stock worth $29,000 after buying an additional 404 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Kinetik in the 4th quarter worth about $33,000. Los Angeles Capital Management LLC acquired a new stake in Kinetik in the 4th quarter worth about $40,000. Finally, Huntington National Bank boosted its stake in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company's stock worth $44,000 after buying an additional 711 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Company Profile

Kinetik NYSE: KNTK is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company's core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.

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